Insurer warns of further price increases

INSURANCE provider FBD has warned customers further price increases are on the way as the industry moves to react to rising claims levels.

“Further premium increases are required to provide the industry with an adequate return on capital, especially in light of the deteriorating claims environment and lower long-term rates of return on investments.

Price levels are not yet at the point where it is prudent to grow our volume,” the company said yesterday at its annual general meeting.